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NEW YORK - Nixxy, Inc. (NASDAQ:NIXX), a technology and communications firm with a market capitalization of $30.31 million, has appointed Mike Schmidt as Chief Executive Officer, effective today. Schmidt, with more than two decades of industry experience, is tasked with leading the company’s expansion into telecom and artificial intelligence (AI) markets. According to InvestingPro data, the company faces significant challenges, with revenue declining 80.8% over the last twelve months.
Schmidt’s career began with founding a pioneering SaaS company in the cable telecom sector. He later served as CEO of Uniserve Communications (TSX), where he returned the company to profitability. At Teliphone Navigata Westel, he spearheaded M&A strategy, overseeing seven acquisitions in 18 months. As President of Urban Communications (TSX), he transformed the company into Urbanfibre, launching Canada’s first 1 Gb fiber-to-the-home service and achieving a successful shareholder exit.
His appointment is part of Nixxy’s strategic pivot towards telecom and AI technologies. The company acknowledges the interim CEO, Miles Jennings, for his contributions and announces his new role as President of a division focusing on AI-enabled career businesses. InvestingPro analysis reveals the company maintains a strong balance sheet with more cash than debt, though its current ratio of 0.72 indicates potential short-term liquidity challenges.
"We are thrilled to welcome Mike Schmidt as our new CEO," expressed Evan Sohn, Chairman of the Board of Directors of Nixxy. "His deep industry knowledge and data-driven approach to leadership make him the ideal executive to guide Nixxy through its next phase of transformation."
Schmidt’s arrival marks a significant shift for Nixxy as it aims to leverage its position in the growing AI-driven telecom sector. The company is set to release an investor update later this quarter, detailing strategic progress and financial outlook.
Nixxy, Inc. is diversifying its portfolio to include next-generation telecom solutions, AI platforms, and data infrastructure. The company is focusing on innovation and scaling operations in high-growth markets while managing its legacy business units. With an overall financial health score rated as ’Weak’ by InvestingPro, and a year-to-date stock performance decline of 68.44%, the company’s transformation comes at a crucial time. InvestingPro subscribers have access to 12 additional key insights about Nixxy’s financial position and market performance.
This announcement is based on a press release statement and contains forward-looking statements, which are subject to risks, uncertainties, and assumptions. The company cautions investors not to place undue reliance on these forward-looking statements and advises reviewing its SEC filings for a more detailed understanding of potential risks and uncertainties.
In other recent news, Nixxy, Inc. reported over $1.4 million in revenue for April 2025, with more than $800,000 generated in the first five days of May. This growth is linked to the expansion of its voice infrastructure and plans to introduce commercial SMS traffic, aiming for a $200 million annual run rate. Additionally, Nixxy completed the acquisition of assets from Aqua Software Technologies, valued at $3.8 million, to enhance its AI and billing systems. The transaction involved issuing over 2 million restricted common shares and additional cash payments. Nixxy also appointed Ashissh Raichura to its Board of Directors, leveraging his extensive experience in AI and telecommunications. Raichura will receive stock options and a quarterly payment as part of his compensation. The company continues to expand its executive team to support its AI-enabled telecom initiatives. These developments reflect Nixxy’s ongoing strategy to strengthen its technological infrastructure and leadership.
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